Allied Nevada Gold amends Chapter 11 disclosure statement

By Mark Reccek

Bethlehem, Pa., Aug. 10 – Allied Nevada Gold Corp.’s disclosure statement for its Chapter 11 plan has been amended, according to an 8-K/A filed Monday with the Securities and Exchange Commission.

The amendment reflects a revised recovery percentage for the holders of general unsecured claims. The percentage in the revised statement is 2.6% to 2.9%.

The recovery range for unsecured claims is based on a $250 million enterprise value of the reorganized debtors and the midpoint of Moelis’ range of the enterprise value of the reorganized debtors of $200 million to $300 million.

Based on a $200 million enterprise value, the estimated recovery for unsecured claims is 0%. Also, based on a $300 million enterprise value, the estimated recovery for unsecured claims will be 15.2% to 17.3%.

Allied Nevada is a Reno, Nev.-based gold and silver miner that filed for bankruptcy on March 10. Its Chapter 11 case number is 15-10503.

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